Guide to starting the events business
Starting a business is not easy as going to a certain office to fill up forms and have a business. Sweat, blood and sleepless nights go into it. Keep in mind that when you start your business, you may find that event hosts are wary of you because you do not have track record of organizing events. Therefore, you may have to work for free at times and take smaller cut of sales if you want to succeed in business.
· Research- Do your research on financing the event and the budgets you will need. Have a list of venues and service providers you will need for your business.
Carol Beesley shares on SAB.gov blog on how to register your business:
For most new businesses, the process of getting registered involves several steps (and not always in this order)
- Register your business name
If you choose to name your business as anything other than your own name, then you’ll need register that trade name or “doing business as” (DBA) name with your state. For example, a sole proprietor called John Smith might choose to operate his business as “JS Painting.” Corporations and LLCs can also register alternate names (if they are not being used by other businesses in the state).
There are other factors to consider before you register your trade name, such as trademark infringement. Read more about this and other considerations in SBA’s Choose Your Business Name guide then follow these steps for registering your business name.
- Register your business as a legal entity
This step will not be required by all businesses. However, if you do decide that your business could benefit from a formal legal structure, such as an LLC or S Corporation, then you’ll need to register your business and file certain documents (articles of incorporation) with your state government. Read more about the different business entity options available to you in this Choose your Business Structure guide.
Many new and small businesses operate under the most basic form of business type – sole proprietorship. A sole proprietorship is basically an unincorporated business owned and run by one individual (no partners are involved), with no distinction between the business and its owner. If you choose this option, you can skip this step and move on to the next one.
- Register your business with the IRS and state revenue office
Take note of the various sub-steps in this section:
If you have employees, any business partnerships, are a corporation or other organization, you’ll need to apply for an Employer Identification Number (EIN). If you don’t need an EIN, you can simply use your Social Security Number to administer your business finances.
You’ll also need to request quarterly estimated tax vouchers from the IRS and your state revenue office. These are filled in and returned with your quarterly payments. You can download the IRS forms (1040-ES) here
If you expect to collect sales tax from customers (for example if you operate a retail or food-service business), you may also need to apply for a sales tax permit from your state’s revenue office.
- Get the right business licenses & permits
All businesses need some form of license or permit in order to operate legally. This often comes as a surprise to new business owners, especially online and home-based businesses.
From professional licenses (doctors, hair stylists, etc.) to home occupation permits and more, find out what you need in: What to Know about Small Business Licenses and Permits.
If you’re still not sure which licenses apply to your business, contact your local Small Business Development Center, SBA Regional Office or state’s Department of Commerce (they can often connect you with local business resources).
- Sole Proprietorship
- Limited Liability Company
Build a reputation- A business can fall because of various reasons, some can be avoided through thorough planning while others can be beyond your control. Setbacks and disasters will be there but stay professional n matte what the circumstances are. Build trust with the people you work with, which include the talent, the vendors and your business contacts because your success depends on them. Prove yourself to be competent, driven and responsible and accept blame when need to.